The nation’s ballooning credit card bill crept up to $52.9 billion in December last year and already sits at a whopping $51.9 billion, latest Reserve Bank of Australia figures show.

Go all out on the wrapping and be tight on the gifts, the Barefoot Investor suggests.Source:Supplied

“For many Australians the next 60 days are the most stressful days of the year because you

have Christmas, Christmas presents, then you have school fees,” Pape said.

“If you haven’t been planning for it you can get yourselves in a lot of trouble.”

Just over three weeks remains until Christmas and already shoppers have been swamped by massive sales including for Black Friday and Cyber Monday — traditionally monstrous shopping days in the US that have now become big Down Under.

TAKE THE BAREFOOT CHRISTMAS SPENDING SURVEY

Despite record-low interest rates which is assisting borrowers paying off mortgages, those with cash savings have continued to receive dismal rates.

Pape said many Australians often leave it too late to plan financially before Christmas, so for these people they should try and cut their spending.

Paying with debit instead of credit is important and sticking to a shopping list is also key to avoiding a financial blowout.

Buy now, pay later schemes have also soared in popularity including Afterpay, Zippay and Openpay.

Scott Pape advises you don’t fall into the trap of Australians who often leave it too late to plan financially before Christmas. Picture: Jason EdwardsSource:News Corp Australia

New figures released by the Australian Securities and Investments Commission this week found the number of users of these schemes soared from 400,000 in the 2015/16 financial year to more than 2 million in the 2017/18 financial year.

But consumers have been warned to think twice before signing up to these schemes which allow customers to buy items and pay them off later in instalments.

Customers are hit with fees if they fail to meet the strict repayment criteria but do not pay interest.